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Search Results 0 to 38 of about 39 (some duplicates have been removed)
-term that the republicans can win if he gets his way, if he passes the obama tax cuts, if we go off the cliff and the economy does slide into recession. if we do get downgraded because there's not enough spending. in the long-term, the economy will suffer, but republicans may be able to say we tried to stop this, this is obama's deal, now he owns it. >> but they need to do better with communicating that exact message, really, if you look at what's going on here, obama has been persistent and bullheaded saying, it's my way or no way and i think he can wants to go over the cliff to demonize and at the same time bullying the middle class. >> and in the short-term run, that it is inevitable that the democrats will say you guys, you republicans, you put us offer the cliff because you were defending your rich millionaire friends, it's inevitable they will say that and that's a winning political line in the short-run. and over that, however, and you ask where is the leadership from this president, where is it? >> and here, stuart. >> doesn't he agree with you. >> americans with funny accent. let me
? $1 trillion of obama care taxes begin in january. that's not even part of the fiscal cliff. that's in addition to the fiscal cliff. we're looking at an avalanche of regulations that were drawn up in the first four years of the obama administration, but then conveniently only beginning to be made public after the president's job was secure. his job is secure. now yours may not be, because hundreds of billions of dollars in regulatory costs are hitting the economy. look at what epa and others are doing. >> right. but grover, speaking of magicianship, you appear to be doing that right now. it looks like rates will increase. that technically is not a good thing for you and your pledge. >> it's a very bad thing for the economy, because what they're talking about is some -- allowing the rates to go back up, not just back up. remember, we go back -- the bush tax cuts disappear and you add the obama care tax increases. so they're taking the top rate not to 39.6, but to 43.4 for half of all small business income in the country. and people at high income earners of the united states. add t
, obama says my plan is that if you make less than $200,000 you'll see no income tax increase next year, so obama's new commitment is only the income tax, only for one year. >> right. >> and, of course, we're all paying higher taxes in january because of obama care. >> okay. >> taxes on capital gains. >> let me ask you this though, grover. i can imagine you wear it as a badge of honor to this the senate majority leader on the floor of the senate invoking your name in frustration because there are people on the republican side who are, you know, following your -- your lead to not raise taxes, but let's face it. you were in -- you were imposing this no higher tax in a different era, at a different time, in a different part of the economic cycle. aren't we at a point now economically where there has to be some mechanism of revenue raising to try and solve the debt crisis? yes, i know you're going to talk about spending cuts. that's important as well, but you've got to balance the budget in some way, and it's got to include some form of a tax increase, not just on million dollar earners, ag
, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four top congressional leaders. we don't know what will be said. i think we will likely hear from some camps afterwards. >> if you are wondering what a trip down the fiscal cliff might mean for your paycheck, for your 401(k), look no further than yesterday's dow. at the opening bell, a dive of more than 1%. investors finding little hope for the fiscal cliff compromise on capitol hill. when word came down two sides might be meeting. reversal of fortune. the dow rebounding for a while before finishing slightly lower. >>> a nation this morning remembering the american general credited with orchestrating one of the m
prepare for that. they would do things. because nobody knows what will happen, obama care taxes are kicking in next year, unavoidable. a whole host of other taxes are i can cking in that are unavoidable. to plan for even something worse is difficult right now when you really don't know what other taxes are coming. that's the real problem. we don't know what else is in store. the other thing is, one of the other problems with the president is his economic literacy has never been very high. i think that scares -- >> what do you mean by that, his economic literacy? i mean i think i know, but i just want to -- >> lits -- listen, the president is a smart man. he wept to some good colleges, but when it comes to the economy, listen. much makes no sense. i'm talking democrat, republican, he says stuff -- this is just based on what he says, what he says affects prices. what he says about the need to raise taxes on the upper income like that will be good for the economy. that will not be good for the economy. if you are making 250 and you are a small business you are employing people and
, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't think that the tax rate should go up on anyone. so taxes still the major sticking point. right now the negotiations are going on the hill and there's a lot of optimism that came from the talks yesterday. of course, president obama hosted congressional leaders at the white house and they left that meeting and many said that it was constructive and they were optimistic that a deal could get done and i've been talking to my sources today and that same optimism isn't really present right now. there's more skepticism about a deal getting done and it is still very early in this process and this is a fluid situation so it could change on a dime, but that's what's going on behind the scenes and the white house monitoring clearly, what's happening. >> what's the president doing today? >> reporter: well, he doesn't
obama offered what he detailed in the speech a week ago keeping tax rates where they are for families earning less than $250,000 a year, extending long term unemployment insurance policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the administration officials say they offered the proposal as a way to get republicans to come back with something else, they say. if not, the president wants this plan to be voted on in the house and to be voted on in the senate. this proposal is unlikely, would be making it through the house unless there's progress made off the president's opening offer, a very old offer, then we're in trouble. back to you david: that's why
reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs, cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that they could that t
. >> for decades. >> president obama has presided over the lowest tax rate in mod hern history and decades. we're trying to role back taxes for people making over $250,000 a year. what john boehner is doing by letting us go off the fiscal cliff is raising every american's income taxes in about a week by not negotiating with the white house. he -- he's in a awkward position, he can't even get his own party to back his own republican proposals, so what we're seeing is congressmen and congress women are on vacation, senate is in session, the white house is there. everybody's working except congress. >> you know and i know congress is coming back sunday. michelle, talk about this. mark says it's not a revenue problem. it is a revenue problem, it's not a spending problem. what do you see? >> z we're not on the verge of fiscal cliff, we have already gone over the of fiscal cliff. look at our problem with spending, how bloated our government is. we're $16 trillion in debt. something needs to be done. this year we're going to spend $165 billion more than we receive in social security. $3 we're going t
that every obama has tried to do. it's really over a tax increase, and for what? it's really to stop primary challenges. that's what this is all about. i mean, it's really bringing the country to a standstill for their own political short term. >> "new york times" is talking about the urgency issue in all of this, and lacking urgency that we have witnessed. they say, yeah, with days left before the fiscal punch lands, both sides are exhibiting little sense of urgency. rather than to foster progress. perry is that the biggest thing, the primaries moving out of this and how everything looks back? >> i think there are two things going on. the first is democrats generally feel they won a man dade. they're not backing down -- the second thing is the primary issue. you have members of congress say last week there was a proposal to raise taxes, and a lot of republicans said i can't vote for that, a million only tax increase. they were worried about primaries. that's driving this in a very strong way. >>> there are people in washington, d.c. that will tell us this is how it all happens. congressman
to not raise tax rates. now president obama is ready to fall off the cliff to bring in more money for the government. joining us now is doug schoen. doug, i've got to ask you directly because you hear a lot of this off the cliff stuff. specifically what would happen? what would happen to the private sector? what would happen to the government if we go off the fiscal cliff? >> sure, well, it's anyone's guess, but i think we will see economic activity slow down, david. i think we're going to see with the certainty of tax rates raising on all of us, that people contract their economic activity and given the cbo estimate, if we go into a recession, i think it will be cataclysmic for the american economy. david: specifically with the government, i remember during the clinton years when we had that debt ceiling thing that we went off of and that the government shut down -- would we see a shutdown in certain government agencies if we go off the cliff? >> i'm not sure we're going to see a shutdown, but we will certainly see a lot less economic activity, and particularly in the military se
a million dollars. they wouldn't support that. obama can come to them and say here's the tax cut for all income, $250,000 less. are you for or against it. that's an incentive for them to wait. >> the democrats still feel like they have a lot of leverage politically and strategy-wise and going into the new year is not that bad for democrats. it's bad for real americans. let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment benefits for more than two million americans. people who cannot wait a couple of months to get the money back and don't have the safety net. this is a very serious situation for some americans. on this show we have a slope and not a cliff. for so
can sell this to either their base or to the house at least as a tax cut, not a rise in taxes? >> chuck schumer brought up a good point. a key moment of these entire negotiations came on wednesday night when president obama calls mitch mcconnell, bring the republican leader in the process. what happens now is very important. as sam said, they'll be negotiating today and over the weekend in the senate. and if this $250,000 comes to the floor, if a few republicans attach themselves to what reid and obama agree to, then that means when it pose gophers to the house it has a much better chance of attracting republican support. if mitch mcconnell aligns republicans and tells everyone to oppose it in the senate republican conference, the chances of it succeeding in the house are pretty low. >> sam, is this the end of the road for grover norquist and his pledge? >> it's odd because grover was the one sort of outside government institution on the conservative side who agreed with speaker boehner's plan "b" which would have allowed taxes to go up above $1 million in income. all the othe
of that depends upon whether president obama is willing to compromise this sort of fixation with raising taxes above anybody making more than $200,000 a year. >> reed and mcconnell are both very good leaders and vote counters. if they come to an agreement, they know that they will be able to carry a majority of each of their troops. the real question mark is the house. the house is a bit out of control. they're the reason we've had the problems all along but my guess, if the house and senate agree and leader mcconnell agrees, the house will go along with it too. >> senator -- >> i would just say it is not out of control to want to do something about our runaway spending in our country. >> you've got to compromise. you've got to compromise. >> senator schumer, senator kyl, thank you very much for joining us and i hope you are right to be optimistic. >>> up next the house has its say. are they ready to vote yes on a potential deal that may come from the senate? >>> plus, our powerhouse roundtable waiting in the wings their take on the toxic environment in washington, the fiscal cliff and their p
obama to discuss ways to avoid the hundreds of billions of dollars worth of tax increases and spending cuts that hit in just four days. the meeting broke up about 45 minutes ago. cnn radio capitol hill correspondent lisa awaited the leaders' arrival. lisa, let's talk about what we can look for out of this meeting. is there any chance at all to get a deal before the clock strikes midnight on the 31st. >>. >> reporter: right. i think the key player is mitch mcconnell to watch. we're getting potentially more information about what is happening next. our capitol hill producer deidre walsh was there when some of the leaders returned and she spoke with nancy pelosi who said this meeting was constructive and candid. here's what is especially interesting. nancy pelosi told reporters that the president led a meeting that ended with senators reid and mcconnell trying to work something out between the two of them. now it seems like we've gone from a process that was president obama and speaker boehner and then today to five leaders back to two. and those two, for the moment, seem to be senator re
or not all of our taxes go up. president obama and congressional leaders with trying to come up with this last-minute deal to avoid the so-called fiscal cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an alternative, scaled-down proposal. and there will be discussions about what could be in the details of a proposal they could vote on, in theory, this weekend. the ideal outcome would be all the members agree to the terms of that deal. and then the two senators in the room agree that they can get their parties to bring it to a vote with no one filibustering it. and then on the house side, speaker boehner would agree that he will put it on the house
." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wai
the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy, but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job-killing tax hikes, and we need to start cutting spending now. >> reporter: republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. its roots are as old as american politics but today the philosophy's main spokesman is this man, grover norquist, president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories for raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce
president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for paying what. so it's going to be a mess if this is not handled quickly. host: if we are sitting here a month from now after the inauguration and there's still no final agreement on taxes, could that the label 15 -- guest: no doubt about it. secretary dieter even said that a few days ago. --secretary tim geithner. it could delay the tax filings. the government relies on august revenue to come in and it usually comes flooding in during marc
barrasso on president obama's position. >> i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for programs. he gets to cut the military, and he gets to blame republicans for it. >> let's take the cynicism out of that, let's ask the question, is there in fact some benefit to going over the cliff? >> i think that there is. i don't think that the president does want to go over the cliff. i think he's made it extremely clear that he doesn't. and that's because he -- the president is not that much of a risk taker, he would rather come to a deal. he's eager to come to a deal. i don't think he's kidding, hen watts a big deal. he just doesn't have a partner on the other side. he's right and republicans know he's right. if you go over the cliff at this point tax rates go up, on dividends, capital gains and estate taxes go up. republicans want them down, they have to actively push to force them down. democrats only have to lower them for some elements of the po
, between democrats and republicans. present obama returns to watching today after cutting as holiday vacation in hawaii short. house and senate members are expected to reconvene today as well. without a budget agreement automatic tax increases for every one and d spending has will be triggered in the next year. the main dispute continues to be over taxes. >> as the nation nears the fiscal cliff in hawaii is lieutenant governor is said to be sworn in to the senate today replacing the late senator daniel inouye. for a year old schatz is a former white democratic party chairman and lawmaker. he was chosen over u.s. rep colleen had help boost the home was suggested shortly before it and always death. >> not allowing the vast majority of the house of representatives to get what they want. if that to 50 would be brought up it would pass over. on any given day for the last five or six months since the giant banner could have passed tax cuts and it would pass. he is doing, he has made the decision that he does not won a vote on it. because if he voted on it it would pass. i have sat here mr.
near tampa. obama is sending in fema in advance. in tampa, a bunch of rvs and stuff making it look like a disaster area before the hurricane even hits there. >> what caused the idea of a floating tax increase? it's about the need to beef up the military personnel in case civil war breaks out. here's judge hedd on that one. >> i'm thinking worst case scenario, civil civil unrest, civil disobedience, civil war, maybe. we're talking lexington, concord, take up arms and get rid of the guy. he's going to send in u.n. troops. i'm going to stay in front of the armored personnel carriers and say you're not coming in here. the sheriff, i said are you going to back me? he said yeah, i'll back you. finally, here's iowa, u.s. congressman steve king with how president obama's mother managed to convince us all that her son was born in hawaii, not in kenya. >> i looked into that before he was sworn into the presidency. we found the microfiche of only two newspapers in hawaii, each of them had published the birth of barack obama. it would have been awfully hard to fraudulently file the birth notice of
and nondiscretionary. >> i agree there's no more trust between speaker boehner and president obama. >> that's the other dog not barking here, is how small expectations are become here. how little deficit reduction will happen here. >> none, right? by the way, aren't taxes going up anyway? >> true. >> what people don't know or what we haven't focused on here, nobody is talking about keeping taxes low on social security. >> right. the payroll tax, the extension of the holiday in effect is not even on the table at this point. >> right. my question is, could this be an ongoing battle where you see a series of skirmishes in the new year over the debt ceiling and over another budget because it's an ideological tug-of-war that will eventually break and they're just fighting for it now, but it's a huge battle of ideas that maybe they have to fight over for a while. >> it is. you're right, jessica. i think the speaker at heart -- it's not about necessarily his caucus to vote. he does not believe that raising taxes on people making more than $250,000 is a good economic policy and thinks it's disastrous. the pres
to oppose president obama as strongly as possible. the incentive for the party as a whole is, you know, look, the legislative landscape is tilted very strongly against republicans right now. taxes are going to go up in some sense no matter what. for the long term future of the party, it's probably better to sort of retreat and find new ground to fight on. you have those sort of dueling imperatives at work. >> ross and cornell, thank you both, and we'll see what happens on monday. >>> more breaking news coming up. a rare case of lawmakers over on the senate side actually getting something done. something that the hard-hit survivors of hurricane sandy are counting on. >>> also, we'll tell you about people who got the job of going after unethical lawmakers and bipartisan efforts by lawmakers to eliminate those watch dogs, keeping them honest. [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breat
-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the second consecutive month. >>> a potential strike by dock workers along the east
people were wondering whether liberals were getting disenchanted with president obama. he was not winding down of course. he did not close guantanamo. he did not stand up to the republicans to end the bush era tax cuts as he had promised he would in 2008. there were a lot of reasons for liberals to feel disappointed with the lack of progress on those issues, but we never really saw that in the polling. we would ask liberals how they felt, and we would get strong support almost all the time. one time we even try to go further. we said to you have a favorable or unfavorable oppression of obama? all the democrats with a favorable. -- would say favorable. can you think of anything obama has done that you are disappointed with? he really had a level of support of the base that was very solid. that is not to say there were not disappointments, but to the extent they existed, once the republican primary process got started and really got raging, if there were any doubts among liberal democrats, why they wanted obama to win, the conversation that occurred during the republican primary broker out
the talks with president obama and speaker boehner athat they were looking at the grand bargain that would include tax increases and changes to social security, changes to medicare, cuts in defense spending potentially as well. we're talking $3 to $4 trillion in changes over years. now it's going to be modest and that may include changes to the tax code. but they're going to have to come back in 2013 no matter what and talk about changes in med sare and social security and address the debt ceiling as well. host: these are two comments and they reflect the frustration in the country. how is the bickering back and forth solving anything fplgt all government spending should be on the table for spending reform. and the other viewer says obama and the other i had yots until the white house are doing what they do best, talk. guest: right after the election we heard them say the election is behind us, we can put down our swords and get down to doing the country's business. that evaporated within days and now we are back to where we were in the summer of 2011 where everyone is back in their corner
had to say? caller: yes, i did, and being a democrat i go along with president obama's plant, but if it came -- plan, but to avoid the fiscal cliff, if nothing else works, we should avoid the fiscal cliff and he should be the big compromiser and not tax the rich in order to get the bill through. if he gets the bill through without pulling the fiscal cliff, our economy will improve the tax revenues from that will be more than he would get from the rich now. host: appreciate the call. let's go to oklahoma, a line for republicans. caller: i am so disgusted with both political parties. it seems they are putting their party before their country. and i want these politicians to know they are the ones that have been up there for years and spent all this money and now the average person will be the one who will have to pay, and i believe they are being bought off by the 2%. right is right, wrong is wrong, and to take away from the needy and cut food stamps from people who qualify -- it takes an act of congress to qualify. i cannot understand that these people are protecting the 2% o
Search Results 0 to 38 of about 39 (some duplicates have been removed)